Ambuja Cements today said it has acquired 85% stake in Nepal’s Dang Cement Industries for INR19.13 crore (US$4.3m).
In a stock exchange filing, the domestic cement maker said it was also in the process to acquire an additional 5% stake in the Nepalese firm for INR1.13 crore.
Dang Cement Industries holds limestone mining lease in Nepal.
"At present, the company (Dang) is not carrying out any business activity," the Ambuja statement said.
With the acquisition, Dang Cement Industries has become an Ambuja subsidiary.